Help Oklahomans Achieve the Dream of Home Ownership
Homeownership strengthens communities and provides stability for families – and owning a home is critical for building financial strength.
But saving enough money for a down payment and closing costs is too hard for many Oklahomans.
With wages stalled, and student loans skyrocketing, many people don’t know where to start.
That’s why we need the Oklahoma Homebuyers Savings Account Act – a new idea to help prospective home buyers start saving for the purchase of a home in Oklahoma.
Making a Good Financial Decision Even Better
The Homebuyers Savings Account Act would provide a tax-free option for saving money towards a down payment of a home. The savings would be stored in a special FDIC insured bank account, like a college savings plan. Deposits into the account may be tax-deductible, up to a limit, and the interest gained on the account would be tax-free. Here’s how the plan works:
- The funds in the account would have to be used for a down payment or other closing costs associated with the purchase or construction of a home.
- The account can be opened at any Oklahoma bank or credit union.
- The savings account is available to all Oklahoma residents, as long as they have not purchased a home in the past three years.
- Families could save tens of thousands of dollars including deposits and interest earned on the account.
Oklahomans Overwhelmingly Support the Homebuyers Savings Account Act
According to a statewide poll conducted for the Oklahoma Association of REALTORS®:
- 90 percent of Oklahomans believe that buying a home is a good financial decision.
- 84 percent of Oklahomans view saving enough for a down payment and closing costs as a significant obstacle to buying a home.
- 73 percent of Oklahomans support the Homebuyers Savings Account Act.
Contact Your Legislator!
Support the Oklahoma Homebuyers Savings Account Act
Tell your legislator to support the Oklahoma Homebuyers Savings Account Act, which would provide Oklahomans with more opportunities and incentives to better save for the purchase of a first home in Oklahoma.
About The Campaign
This campaign, supported by the Oklahoma Association of REALTORS®, seeks passage of the Homebuyers Savings Account Act, which would provide Oklahomans with more opportunities and incentives to better save for the purchase of their home in our great state.